Keynes believed that if the government increased spending and reduced taxes during an economic slump, then it would ________.
A. only further damage the economy.
B. have no impact on the economy.
C. hurt future generations.
D. help the economy recover more quickly.
Answer: D
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The shifting of trade to countries in a regional group at the expense of trade with countries not in the group is known as trade internalization.
a. true b. false
Industries in which firms ________ are likely to expand in the long-run.
A. break even B. have positive profits C. shut down in the short run D. suffer losses
Use the following graph to answer the question below.
The price where marginal benefit equals marginal cost is
A. $1.60. B. $1.00. C. $2.90. D. $0.50.
Use the Slutsky equation to show that a Giffen good must be an inferior good, BUT an inferior good need not be a Giffen good
What will be an ideal response?